Tata Teleservices (Maharashtra) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2011 • Telecommunication Services: 99.7% • Passive Infrastructure Services: 0.3%
AI Sector View
AI GENERATEDTelecommunication
Telecom operating proxies are steady, with telecom subscriber base up 11.0% YoY (2026-06) and broadband subscriber base also up 11.0% YoY (2026-06). However, persistent FPI outflows of INR -11055 crore over 3 months to 2026-08-31 suggest weak investor appetite. That combination supports a neutral rather than positive stance.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 89.4%
- Operating margins have improved to 53.2% from 46.0%
- Company generates healthy free cash flow
CONS
- Net worth is negative - accumulated losses have eroded equity
- Company is loss-making at the operating / net level
- Company has a low return on equity of 0.0% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.65x)
- Interest coverage is weak at 0.8x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHARTIARTL | 1837.00 | 39.65 | 1146500.05 | 1.31 | 10011.60 | 34.89 | 58539.10 | 18.35 | 25.05 | 57.07 |
| IDEA | 14.96 | 4.33 | 162081.18 | 0.00 | -3754.00 | 43.19 | 11689.00 | 6.19 | 46.77 | 43.07 |
| INDUSTOWER | 372.70 | 13.74 | 98324.33 | 3.76 | 1745.80 | 0.52 | 8431.10 | 4.64 | 30.51 | 53.11 |
| BHARTIHEXA | 1539.25 | 42.19 | 76962.50 | 1.17 | 4824.00 | 1131.87 | 25099.00 | 1009.10 | 29.30 | 52.68 |
| TATACOMM | 1763.90 | 53.17 | 50286.26 | 0.99 | 129.72 | -31.78 | 6582.82 | 10.45 | 15.75 | 18.75 |
| RAILTEL | 262.55 | 41.79 | 8426.24 | 1.24 | 38.39 | 48.51 | 467.61 | 24.08 | 23.03 | 15.86 |
| TTML | 35.93 | 87.55 | 7024.06 | 0.00 | -72.15 | 77.80 | 301.57 | 6.09 | 157.86 | 53.91 |
| HATHWAY | 10.19 | 23.80 | 1803.74 | 0.00 | 24.56 | -20.85 | 565.10 | 6.52 | 2.55 | 13.43 |
| MTNL | 25.14 | 0.00 | 1583.82 | 0.00 | -842.36 | 10.69 | 216.89 | 229.92 | -6.76 | -15.07 |
| GTL | 7.23 | 0.14 | 113.73 | 0.00 | 4520.66 | 2243.77 | 497.08 | -28.12 | 0.00 | 27.04 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 286 | 287 | 296 | 323 | 324 | 344 | 333 | 308 | 284 | 286 | 294 | 296 | 302 | |
| 161 | 161 | 160 | 182 | 189 | 206 | 184 | 158 | 140 | 148 | 121 | 135 | 378 | |
| Operating Profit | 125 | 126 | 136 | 141 | 135 | 137 | 149 | 150 | 145 | 138 | 174 | 161 | -77 |
| OPM % | 43.70% | 43.76% | 46.04% | 43.56% | 41.69% | 39.94% | 44.72% | 48.62% | 50.91% | 48.20% | 59.05% | 54.48% | -25.46% |
| 4 | 4 | 5 | 3 | 6 | 3 | 2 | 5 | 0 | 4 | -1 | 667 | 5 | |
| Interest | 394 | 403 | 411 | 414 | 423 | 429 | 423 | 419 | 433 | 425 | 288 | 215 | 206 |
| Depreciation | 36 | 36 | 38 | 39 | 41 | 42 | 43 | 42 | 37 | 37 | 36 | 32 | 33 |
| Profit before Tax | -301 | -310 | -308 | -309 | -323 | -330 | -315 | -306 | -325 | -321 | -150 | 581 | -72 |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | -0.00% |
| Net Profit | -301 | -310 | -308 | -309 | -323 | -330 | -315 | -306 | -325 | -321 | -150 | 581 | -72 |
| -1.54 | -1.59 | -1.57 | -1.58 | -1.65 | -1.69 | -1.61 | -1.57 | -1.66 | -1.64 | -0.77 | 2.97 | -0.37 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,703 | 1,869 | 1,277 | 1,078 | 1,044 | 1,094 | 1,106 | 1,192 | 1,308 | 1,160 | 1,178 | |
| 2,126 | 1,878 | 1,078 | 656 | 555 | 626 | 614 | 664 | 737 | 543 | 782 | |
| Operating Profit | 576 | -9 | 199 | 422 | 489 | 468 | 493 | 527 | 571 | 617 | 396 |
| OPM % | 21.33% | -0.48% | 15.59% | 39.13% | 46.84% | 42.75% | 44.52% | 44.26% | 43.64% | 53.21% | 33.62% |
| -855 | -7,731 | 865 | -2,396 | -756 | 17 | 11 | 16 | 16 | 670 | 675 | |
| Interest | 1,282 | 1,569 | 1,554 | 1,545 | 1,561 | 1,539 | 1,502 | 1,622 | 1,694 | 1,361 | 1,134 |
| Depreciation | 796 | 533 | 178 | 195 | 169 | 160 | 147 | 150 | 168 | 142 | 138 |
| Profit before Tax | -2,356 | -9,842 | -668 | -3,714 | -1,997 | -1,215 | -1,145 | -1,228 | -1,275 | -215 | 38 |
| Tax % | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% |
| Net Profit | -2,356 | -9,842 | -668 | -3,714 | -1,997 | -1,215 | -1,145 | -1,228 | -1,275 | -215 | 38 |
| EPS | -12.05 | -50.34 | -3.41 | -19.00 | -10.21 | -6.22 | -5.86 | -6.28 | -6.52 | -1.10 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -9%
- 5 Years:
- 2%
- 3 Years:
- 2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 20%
- 5 Years:
- 0%
- 3 Years:
- -29%
- 1 Year:
- -38%
RETURN ON EQUITY
- 10 Years:
- 0%
- 5 Years:
- 0%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 | 1,955 |
| -7,864 | -17,114 | -16,775 | -19,434 | -20,446 | -20,787 | -21,009 | -21,208 | -21,525 | -21,938 | |
| 16,020 | 13,213 | 12,660 | 11,390 | 13,142 | 13,842 | 13,546 | 16,041 | 11,872 | 15,800 | |
| Trade Payables | 521 | 482 | 209 | 291 | 259 | 224 | 209 | 267 | 211 | 239 |
| 1,274 | 4,844 | 6,482 | 7,512 | 6,600 | 6,130 | 6,511 | 4,252 | 8,791 | 5,285 | |
| Total Liabilities | 11,906 | 3,380 | 4,531 | 1,714 | 1,509 | 1,365 | 1,211 | 1,307 | 1,304 | 1,341 |
| 9,937 | 847 | 718 | 894 | 830 | 779 | 740 | 788 | 798 | 939 | |
| Capital Work in Progress | 27 | 27 | 26 | 39 | 29 | 28 | 29 | 59 | 35 | 28 |
| 680 | 378 | 609 | 0 | 70 | 100 | 66 | 34 | 58 | 23 | |
| 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 156 | 145 | 95 | |
| Cash & Bank | 37 | 39 | 171 | 85 | 43 | 17 | 14 | 32 | 42 | 16 |
| 1,224 | 2,090 | 3,006 | 697 | 536 | 440 | 360 | 237 | 226 | 240 | |
| Total Assets | 11,906 | 3,380 | 4,531 | 1,714 | 1,509 | 1,365 | 1,211 | 1,307 | 1,304 | 1,341 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 710 | 563 | -733 | -335 | 529 | 518 | 541 | 587 | 505 | 668 | |
| Cash from Investing | -2,198 | 259 | -101 | 510 | -177 | -130 | -66 | -65 | -109 | -91 |
| Cash from Financing | 1,041 | -860 | 967 | -237 | -432 | -427 | -494 | -503 | -386 | -604 |
| -427 | 2 | 132 | -87 | -42 | -26 | -2 | 18 | 10 | -27 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-31 - Significant increase in volume has been observed in Tata Teleservices (Maharashtra) Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Tata Teleservices (Maharashtra) Limited has submitted their response.
2026-08-28 - Significant increase in volume has been observed in Tata Teleservices (Maharashtra) Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.
2026-07-28 - Tata Teleservices (Maharashtra) Limited has informed the Exchange regarding a press release dated July 28, 2026, titled "Tata Tele Business Services and Tata Communications Join Forces to Bring Unified AI Infrastructure to India s SMB Economy".
2026-07-23 - Please find enclosed copies of the newspaper advertisement published today i.e., July 15, 2026, regarding the Audited Financial Results for the quarter ended June 30, 2026
2026-07-22 - Tata Teleservices (Maharashtra) Limited has informed the Exchange regarding appointment of Senior Management personnel of the Company
2026-07-22 - Tata Teleservices (Maharashtra) Limited has informed the Exchange regarding Extension of term of redemption of Redeemable Preference Shares
2026-07-22 - Tata Teleservices (Maharashtra) Limited has informed the Exchange regarding Appointment of Statutory Auditors of the Company
2026-07-22 - Tata Teleservices (Maharashtra) Limited has submitted to the Exchange, the financial results for the period ended June 30, 2026.
2026-07-09 - Tata Teleservices (Maharashtra) Limited has informed the Exchange about Action(s) initiated or orders passed
News
Recent coverage and analyst commentary for TTML
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